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WHAT THE OTHER PAPERS SAY THIS MORNING

first_imgTuesday 10 August 2010 8:54 pm KCS-content More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org whatsapp FINANCIAL TIMES HIGH COURT RULES INVESTOR BROKE BUY-OUT FUND CONTRACTAn important precedent for the private equity industry has been set by a High Court ruling that Robert Adair, chairman of oil group Melrose Resources, breached a contract by refusing to put more money into Advantage Capital’s buy-out fund. Adair, who owns more than half of London-listed Melrose, now faces a hearing to determine damages.INVESTOR GROUP SUES HAMPSONA consortium of private investors led by Midlands industrialist David Grove is suing engineering group Hampson Industries for almost £4m, alleging “fraudulent misrepresentation”. They claim that Hampson misled them concerning the revenues of a subsidiary, Hampson Precision Automotive, which they bought for £2.5m cash in June.OAKTREE IN MCINERNEY TALKSOaktree Capital, the US private equity group, is in talks to take control of McInerney Holdings, the debt-laden Irish housebuilder, according to sources close to the talks. McInerney Holdings, which has struggled with a €236m debt pile since the collapse of the Irish housing market in 2008, confirmed that it was in advanced discussions with an investor “regarding a substantial injection of new capital”.BUY-OUT GROUPS EYE MORGAN STANLEY FUNDUS private equity firms have approached Morgan Stanley about buying a stake in its troubled real estate funds management business, according to people familiar with the matter. KKR and TPG, both private equity firms that lack a substantial property operation, have expressed tentative interest in Morgan Stanley Real Estate Fund, or MSREF.THE TIMESONLINE BANKING HIT BY NEW TROJAN Online banking customers are being targeted by international cyber criminals who are using sophisticated computer viruses to empty their accounts. A new version of a well-known trojan virus has stolen £675,000 from about 3,000 online customers of an unnamed British bank, according to an internet security company.PRU HOPES REDUCTION IN AIA COSTS WILL SATISFY SCALP-HUNTERSPrudential will try to mollify irate investors tomorrow by announcing that it has cut the cost of its failed bid for AIA by 15 per cent to about £380 million. The insurer is understood to have convinced some of the 30 banks that worked on the aborted Asian acquisition to reduce their final fees. Credit Suisse, JP Morgan Cazenove and HSBC were among the advisers.The Daily TelegraphCHINA TACKLES £213BN HIDDEN LOANS IN BANKSChinese banks could be hiding off-balance sheet loans worth about 2,300bn renminbi (£213bn), according to the country’s authorities. In a move that could lead to massive unexpected losses for the Chinese banking system, the China Banking Regulatory Commission has ordered lenders to account for the missing loans.RUPERT MURDOCH FIGHTS TO TAKE THE SKY OUT OF SKYPE BSkyB is trying to prevent Skype, the internet phone company, from continuing to use its name because the first three letters spell “sky”. It emerged yesterday that BSkyB has been ensconced in a legal battle with Skype for more than five years. But the legal action over the “Skype” trademark only became public when Skype mentioned it in its IPO document.WALL STREET JOURNAL DISASTER CLAIMS WEIGH ON HANNOVER RE’S PROFITGermany’s Hannover Re yesterday reported a 24 per cent decline in net profit for the second quarter, on lower income from its own investments and higher claims from natural and man-made disasters.The company said second-quarter net fell to €159.6 million from €208.7 million a year earlier. TWO GROUPS DROP SSANGYONG BIDS AS DEADLINE PASSESThe deadline for binding bids for a majority stake in troubled South Korean carmaker Ssangyong Motor passed yesterday with at least two of the six interested parties abandoning the race.South Korean private equity fund Seoul Invest and a group led by French carmaker Renault SA didn’t submit bids by the deadline for a controlling stake in Ssangyong. whatsappcenter_img Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanUndoBetterBe20 Stunning Female AthletesBetterBeUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndo Show Comments ▼ WHAT THE OTHER PAPERS SAY THIS MORNING Tags: NULLlast_img read more

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Oz mining tax under threat

first_img MINING groups are nervously awaiting the results of a closely fought election in Australia, as current Prime Minister and mining tax enthusiast Julia Gillard fights to keep her job. Gillard travelled to Western Australia yesterday, where the 30 per cent mining supertax is set to come into force in 2012, to appeal to voters ahead of the election on Saturday. Mining giants Rio Tinto, BHP Billiton and Xstrata spent months fighting with the Labour government to reduce the levy on mining operations, leading to Gillard ousting former Prime Minister Kevin Rudd as leader in June. Gillard struck a deal with the companies to bring in a lesser charge, though opposition politicians in Australia have vowed to scrap the tax if they take power at the weekend. whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBe20 Stunning Female AthletesBetterBeAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic Mirrorautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comOpulent ExpressNewborn Quadruplets Left Doctors Staggered — They Are One In A MillionOpulent ExpressMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite Herald KCS-content Oz mining tax under threat Sharecenter_img Show Comments ▼ More From Our Partners ‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Tags: NULL Wednesday 18 August 2010 8:06 pmlast_img read more

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Kabul Bank clients fear collapse

first_img Tags: NULL Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Share Sunday 5 September 2010 9:43 pm KCS-content Kabul Bank clients fear collapse whatsapp whatsapp Show Comments ▼ Customers of Kabul Bank spent hours queueing to withdraw their saving yesterday amid talk that the Afghan bank was close to collapse. Armed police and barbed wire were brought in to hold back the crowds. The US Treasury denied yesterday it is preparing to bail out the bank, and Afghan officials insisted the bank will not fail. last_img read more

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Canary Wharf owner Songbird in asset boost

first_img Canary Wharf owner Songbird in asset boost whatsapp Share Songbird Estates, majority owner of London’s Canary Wharf, booked a six per cent rise in net asset value as demand for offices across the estate held firm against the government’s feeble economic outlook.The company, which counts the Qatar Investment Authority and China Investment Corp. among its largest shareholders, said the market value of its investment portfolio rose to £4.8bn in the half-year to the end of June, reflecting adjusted NAV of 178 pence a share.Songbird has also proposed a fully underwritten, £140m open offer of new ordinary shares to finance the repurchase of a £135m shareholder loan taken out at its £1bn corporate refinancing a year ago.Shares will be offered at 128 pence, representing a 19 percent discount to the closing price on Wednesday.Proceeds from the offer will also pay the accrued dividend on preference shares and generate additional working capital likely to be used in fresh investment and development joint venture plans in and outside Canary Wharf.“The board believes the open offer announced today further simplifies the capital structure by the elimination of debt and places the company on a secure financial footing going forward,” the company statement said.Songbird subsidiary Canary Wharf Group is in advanced talks to develop an office skyscraper in London’s City business district in a joint venture with the largest real estate company Land Securities The results follow the latest rumble of speculation that U.S. bank JPMorgan may be forced to axe costly plans to develop a bespoke European headquarters at Canary Wharf amid fears of a possible backlash from banking regulators.Industry sources suggest the plans for the Riverside South complex are now seen as incompatible with the new age of austerity, and the bank could be willing to rent new premises instead.Canary Wharf Group said infrastructure works on the site were completed during the period and it expected a final decision from JPMorgan ‘in the next few months.’ John Dunne center_img Show Comments ▼ Thursday 23 September 2010 2:56 am whatsapp Tags: NULLlast_img read more

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United Biscuits deal is close to the rocks

first_img whatsapp whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald UNITED Biscuits’ investors held their breath last night after reports a £2bn deal to offload the firm to China’s Bright Foods was close to hitting the rocks.Blackstone Group and France’s PAI Partners were close to a deal to sell the snack maker after entering exclusive talks but negotiations were near to collapse last night, according to the Wall Street Journal.Sources close to the deal were unsure what had unsettled the Shanghai-based firm but it is believed it is now eyeing alternative acquisitions.The deal would have been the first time a Chinese company has taken outright control of a major European food firm. Blackstone refused to comment on the negotiations last night. United Biscuits employs 7,000 people in Britain at 11 factories. Share KCS-content center_img Tags: NULL Tuesday 26 October 2010 8:37 pm United Biscuits deal is close to the rocks Show Comments ▼ More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comlast_img read more

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Battersea tube link is viable

first_img Show Comments ▼ Battersea tube link is viable Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp Share Tags: NULL center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorythedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach Raider KCS-content Sunday 7 November 2010 9:17 pm Major landowners and council leaders in London’s Nine Elms area say a possible Northern Line extension to Battersea Power Station could be funded largely from developer contributions and would provide an economic windfall for the area. A study commissioned by the Greater London Authority (GLA) had put the total cost for new infrastructure at £1bn of which some £900m was directly attributable to development in the area with the tube link accounting for some £560m. last_img read more

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Selfridges snaps up Dutch store

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solutionmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteBlood Pressure For LifeWhy Doctors May No Longer Prescribe Blood Pressure MedsBlood Pressure For LifeLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver Healththedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Share Selfridges snaps up Dutch store RETAIL group Maxeda Retail Group B.V. said yesterday it has agreed to sell the Dutch luxury department store chain, De Bijenkorf – or “the beehive” to Selfridges Group for an undisclosed sum.The transaction is part of an overhaul of the Dutch non-food retail sector, with KKR’s Maxeda also selling the Hunkemoeller lingerie stores and private equity group Lion Capital trying to sell the Hema mid-market department store chains.De Bijenkorf, whose flagship store is a landmark building in Amsterdam’s main Dam square, has 12 department stores in the Netherlands’ biggest cities including Rotterdam and The Hague.“This is an exciting opportunity for us to enter the Dutch marketplace with the acquisition of this iconic retailer,” said W. Galen Weston, chairman of Selfridges Group, in a statement. Selfridges Group, a subsidiary of Canada-based Wittington Investments, operates luxury retailers Selfridges in the UK, Brown Thomas in Ireland, and Holt Renfrew in Canada. With the addition of De Bijenkorf, its turnover will be close to £2bn, the firms said in a joint statement. Maxeda, owned by Kohlberg Kravis Roberts, has international retail outlets in Europe, Russia and the Middle East. More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org whatsappcenter_img KCS-content Tuesday 16 November 2010 7:52 pm Show Comments ▼ whatsapp Tags: NULLlast_img read more

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Provident

first_img KCS-content Show Comments ▼ whatsapp Wednesday 24 November 2010 9:04 pm Share PROVIDENT’S update has confounded expectations. Peer Cattles, which is in restructuring talks, warned just last week that creditors should brace themselves for heavy losses, yet Provident has managed to remain profitable – with Home Credit finally growing again – up seven per cent year-on-year. Its statement directly reassures on the fears that have hit the shares recently – the impact of welfare cuts on customer cash flows is insignificant – the capping of benefits that family households can receive at around £500 per week will affect less than one per cent of households served by Home Credit. Its balance sheet is strong – with £300m headroom on its debt facilities, and its gearing ratio below 3.5 times. An 8.2 per cent dividend yield this year and a ten times price to earnings ratio make the shares attractive. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemcenter_img More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com Provident whatsapp Tags: NULLlast_img read more

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Flybe announces LSE listing

first_imgTuesday 30 November 2010 6:17 am whatsapp Flybe announces LSE listing by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter Center whatsapp REGIONAL UK airline Flybe has announced it is planning to list in London in December to raise about £60m.The initial public offering (IPO) on the London Stock Exchange would value the budget carrier, the largest regional airline in Europe, at about £240m.In a statement the company said the flotation proceeds would provide capital to grow its fleet of aircraft and strengthen its cash position to give it greater “strategic flexibility to pursue additional growth opportunities, including acquisitions.“A listing will assist Flybe in achieving the next stage in its … strategy for growth,” the airline’s chief executive Jim French said in a statement.Flybe focuses on short-haul and niche UK routes and carried more than seven million passengers last year. It bought BA’s regional UK business, BA Connect, in 2007 and BA owns 15 per cent of the company. It has tried to float on several occasions but tough market conditions have forced it to shelve the plans. It has hired Bank of America Merrill Lynch as sole global coordinator and bookrunner on the offer. alison.lock center_img Share Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Tags: NULLlast_img read more

dztamvbes

Thomas Cook profits dip in tough market

first_img HOLIDAY operator Thomas Cook yesterday said it would slash costs by up to £50m after a “demanding” year that saw profits come in at the lower end of expectations. Profit before tax fell six per cent compared to 2009 to £277m, while revenues were down four per cent to £8.89bn. The UK and US markets were particularly tough, with UK underlying profit falling by a third on the previous year. This was due to “significant foreign exchange headwinds” from sterling’s weakness against the dollar and euro, as well as lower demand for holidays. The five-day closure of EU airspace in April due to volcanic ash also cost it about £100m in revenues, the company said.Thomas Cook is now reducing its UK cost base and aims to generate £40m to £50m in cost savings. It expects the changes to cost £20m to implement, incurred in the 2010-11 financial year, but believes they will mitigate any further deterioration in the market. It has already cut 500 managerial and support jobs since October.“We recognised at the outset that 2009 to 10 would be demanding,” said chief executive Manny Fontenla-Novoa. “While we made good progress in many of our operating segments and delivered a strong improvement in operating cash flow, trading in the UK was even tougher than anticipated.”The results meant an overall loss per share of 0.3p, down from 2009 eps of 0.8p per share. The company will pay a final dividend of 10.75p, unchanged from 2009’s level.Analysts remained upbeat about the fundamentals and said the results were as expected, though Wyn Ellis of Numis warned of a tough year ahead. “We find it difficult to identify a near term catalyst; while shares look cheap they may continue to drift,” he said. Tags: NULL Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof whatsapp Wednesday 1 December 2010 7:19 pmcenter_img Thomas Cook profits dip in tough market whatsapp Share KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter Centerthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach Raiderlast_img read more

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